Industry News

ZipRealty reports net loss in Q2

Revenue, transaction volume increases

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ZipRealty Inc. today announced a net loss of $200,000, or 1 cent per share, for the second quarter. That compares to a loss of $946,000, or 5 cents per share, in second-quarter 2005 and a loss of $800,000 in first-quarter 2006. The company had net revenues of $26.9 million in the second quarter, a 4.5 percent gain from second-quarter 2005 and up 40.1 percent from $19.2 million in the first quarter. The company expects third-quarter revenues to range between $24 million and $26 million, according to the earnings announcement. At this revenue level, reported net loss per share is expected to be between $0.00 and $0.05, with a corresponding pro forma earnings per share range that is roughly flat. For the full year ended Dec. 31, 2006, management expects revenues to range between $90 million and $95 million. That is down from a full-year projection of $105 million to $115 million that the company offered during its first-quarter earnings announcement. ZipRealty's stock closed at $5.99 pe...